It does apply to everyone, but since data is so valuable now, I would think the ethics still apply.
Data about users has become a valuable asset, and taking it from people now is depriving them if that value, whether or not you personally use it to make a profit.
The problem is that I can't afford the services of a lawyer, or a data protection officer, for a non-profit project. Especially not to satisfy regulations made in a foreign land far away from my own. So the only option left on the table is to block the EU.
Data about users has become a valuable asset, and taking it from people now is depriving them if that value, whether or not you personally use it to make a profit.